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Oil prices advance to around $80 in Asian trading
Published on October 28, 2009 by oilprices · No CommentsWorld oil prices advanced marginally in Asian trading on Wednesday mainly on a report showing drop in US stockpiles. Light oil prices climbed above $79 a barrel in New York before a report forecast to show that US crude inventories expanded for a third week and fuel supplies dropped.
An Energy Department report due tomorrow will probably show that US stockpiles of crude oil rose 1.5 million barrels last week, according to a Bloomberg News survey. Analysts forecast that supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, declined last week.
Crude oil for December delivery rose as much as 58 cents, or 0.7 percent, to $79.26 a barrel on the NYMEX today. The contract traded at $79.16 a barrel at 11:24 a.m. in London.
A weaker US dollar encourages investors to buy commodities including buying oil as a hedge against inflation.
Tags: light oil prices